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Ceres operating losses widen

By BFN News | 08:45 AM | Wednesday 11 March, 2015

Ceres Power Holdings posts an operating loss of £5.3m for the six months to the end of December - up from £3.8m last time. Total revenues fell to £133,000 from £895,000 but the group says total underlying revenue and other operating income increased to £0.43m (2013: £0.33m). This is due to an increase of UK Government grants recognised from £0.18m to £0.29m while underlying revenue remained broadly flat. The underlying revenue position is flat predominantly due to progress taking longer than anticipated to reach follow-on agreements in the US and South Korea. Overall revenue has declined to £0.13m (2013: £0.90m) as in 2013 the Group released £0.74m of deferred revenue to the income statement (deferred revenue being cash received relating to a contract but not recognised as revenue) due to the ending of a legacy product and supply agreement with Bord Gais Eirann. Chairman Alan Aubreysaid: "I am very pleased with the company's progress, particularly the significant technical advances made over the past six months. We are well positioned for the future and I am confident that we will soon see this progress further advancing our current commercial opportunities." At 8:45am: (LON:CWR) Ceres Power Holdings PLC share price was +0.2p at 8.9p Story provided by

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